I Realized That I Can’t Put Off Planning for Retirement

Jun 4

Written by: Todd Anthony Puma
6/4/2014 11:37 AM  RssIcon

I’ve spent years building a solid business and now my family and I are living a comfortable life in a nice home with (mostly) all the toys I want. I don’t want that to change much, and I don’t want to struggle financially later in life.

I saw an ad in a magazine for retirement planning the other day. It could have been Charles Schwab or Fidelity or one of those companies, and it made me think about my retirement planning. My wife used to work for a large company, and she had a 401(k) plan that helped us save a little from every paycheck for retirement. A fixed percentage of her salary went into a retirement plan, and the company even provided a match so that the account grew faster (there are many reasons for the match that I won’t get into here; it’s a great thing for the employee, though). Now, with her staying home, we no longer have the “forced” savings plan of money being automatically put into an account. It made me realize that I have to get off of my butt and do something about it. And I’m sure many of you are in a similar boat.

As small business owners, most of us don’t have the luxury of a corporate 401(k) with matching company funds or an HR department to make sure we don’t miss signing up and a hotline we can call for financial advice.

The biggest challenge to putting money aside for retirement is inertia, at last on my part. There’s always something else to use the money for: reinvesting in the business, renovating the house, buying that cool new toy (speaker, receiver, car, boat, etc.) that I’ve always wanted. But all it takes is a few minutes on
a mutual fund’s website or a meeting with a financial advisors that you trust to come up with a good savings strategy.

You can even set up automatic withdrawals from your bank account into your retirement account. That way you are always putting money in, in good times and bad, whether you remember to or not each month. And, if set up properly, the money is put in pre-tax so you can let it grow tax-free (or it can go in as after-tax money, and you can take it out with no taxes on the profits). As small business owners, there are even opportunities to put in more than employees in big companies can by setting up special IRA (Individual Retirement Accounts) that allow us to save a larger dollar amount tax-free.

There are many ways to save for retirement, and I won’t get into any kind of specific advice here, as I’m clearly not a financial advisor and definitely don’t want to get into any trouble with the SEC.But you should consult an advisor if you aren’t sure about what you need to do or what the best steps are for your particular situation. The most important thing is to not put it off until it is too late. The earlier you start in life, the better chance of having what you need at retirement.

I implore you all to have the retirement you’ve dreamed of and that you’ve earned. Don’t think it’s something you can do tomorrow while you build that addition on your home today.
 
+Todd Anthony Puma is president of The Source Home Theater Installation in New York City.
Todd Anthony Puma 


Your name:
Gravatar Preview
Your email:
(Optional) Email used only to show Gravatar.
Your website:
Title:
Comment:
Security Code
CAPTCHA image
Enter the code shown above in the box below
Add Comment   Cancel 

 

Archive
<March 2015>
SunMonTueWedThuFriSat
22232425262728
1234567
891011121314
15161718192021
22232425262728
2930311234
Monthly
March 2015 (13)
February 2015 (11)
January 2015 (16)
December 2014 (12)
November 2014 (10)
October 2014 (19)
September 2014 (21)
August 2014 (13)
July 2014 (15)
June 2014 (12)
May 2014 (12)
April 2014 (14)
March 2014 (15)
February 2014 (14)
January 2014 (24)
December 2013 (11)
November 2013 (12)
October 2013 (15)
September 2013 (19)
August 2013 (18)
July 2013 (19)
June 2013 (12)
May 2013 (18)
April 2013 (17)
March 2013 (13)
February 2013 (16)
January 2013 (26)
December 2012 (9)
November 2012 (11)
October 2012 (16)
September 2012 (11)
August 2012 (15)
July 2012 (13)
June 2012 (8)
May 2012 (9)
April 2012 (10)
March 2012 (7)
February 2012 (11)
January 2012 (14)
December 2011 (5)
November 2011 (12)
October 2011 (8)
September 2011 (4)
August 2011 (7)
July 2011 (11)
June 2011 (12)
May 2011 (8)
April 2011 (6)
March 2011 (9)
February 2011 (10)
January 2011 (9)
December 2010 (4)
November 2010 (7)
October 2010 (4)
September 2010 (9)
August 2010 (7)
July 2010 (8)
June 2010 (12)
May 2010 (6)
April 2010 (8)
March 2010 (10)
February 2010 (11)
January 2010 (1)
December 2009 (6)
November 2009 (6)
October 2009 (11)
September 2009 (6)
August 2009 (4)
July 2009 (4)
June 2009 (5)
May 2009 (7)
April 2009 (9)
March 2009 (7)
February 2009 (9)
January 2009 (8)
December 2008 (9)
November 2008 (6)
October 2008 (7)
September 2008 (7)
August 2008 (3)
July 2008 (5)
May 2008 (1)
April 2008 (4)
March 2008 (3)
February 2008 (5)
January 2008 (2)
November 2007 (1)
October 2007 (4)
September 2007 (2)
August 2007 (3)
July 2007 (4)
June 2007 (6)
May 2007 (6)
April 2007 (4)
March 2007 (4)

 

Skip Navigation Links.
Skip Navigation Links.
download

What the AV Industry Can Learn from 5-Star Hospitality
Read More»
By John Sciacca

Extra! Extra! It is Now Okay to Buy 4K!
Read More»
By Heather L. Sidorowicz

Bill Anderson: A Story of a Friendship and Community
Read More»
By Bill Skaer

For Azione Members Business is Good and Change is Coming
Read More»
By Jeremy J. Glowacki

Why Every AV Integrator Should Have a Process in Place
Read More»
By Todd Anthony Puma

Slide Show
Slide Show

Audio Video Systems, Plainview, NY
Slide Show

Station Earth, Fergus, Ontario, Canada
Slide Show

Audio Command Systems, Westbury, NY
Slide Show

Evolution Video and Sound, Calgary, Alberta, Canada
This spring, there are far more and much more customers
Read More»
You realize moment is a vital aspect to all of us
Read More»
Re: Is this the end of the Sooloos name?
Read More»
You can purchase Urs platinum 2007 Old College Runescape
Read More»
there have cheap and fast gold was
Read More»
Can be friends?
Read More»
Re: Sales Representative Wanted
Read More»
Game Previews - Nba 2K11
Read More»
The Best Kinect Games Coming Out For Xbox 360 System - Discover Them Here
Read More»
it comes to the Ryka shoes for Zumba you will find that they have a wide variety of color
Read More»